This Singapore Fintech Wants U.S. Banks To Be as Engaging as Amazon
Customer data is (arguably) the most valuable asset in many industries, financial services included.
A lot of data is being generated and collected on a daily basis thanks to social media, IoT, and online customer behavior (Upstart, for example, uses this method for its underwriting decisions). However, financial institutions still lack the analytical capabilities necessary to efficiently analyze that data.
In comes Percipient.
This Singapore fintech wants to help “bring clarity” to banks, by “facilitating” the use of data gathered from multiple sources– namely APIs, blockchain, and IoT — analyzing that data in real time.
The company, launched in Singapore in 2014, expanded to the U.S. last week, with DK Sharma, a former global CIO for Citigroup, as its Americas business head.
“Financial services organizations are sitting on a very large pool of data, but they have a very limited view of that data,” Sharma told Bank Innovation. “A lot of data is getting generated from sensors, like IoT devices and Bluetooth, and it’s an opportunity to drive a much more engaging customer interaction.”
Crunching this data in real time can help banks achieve the same level of customer engagement that “Amazon provides in the virtual world,” he said. “So, think things like cross-sell opportunities, or relevant product offerings, as well as the opportunity to connect a customer to the right bank advisor, before they even step into the branch,” Sharma added.
Sharma’s background in fintech, especially within Citigroup, has given the startup a head start in the U.S. market even before the move: last month, the company raised around $700,000 in a seed funding round from angel investors, including Mark Torkos and Scott Tanguay, partners of PruVista Capital (both previously held various executive roles at Citigroup), and Thomas Burke, executive chairman at StoneRiver, an insurance software company (also a prior Citigroup employee).
The startup, Sharma said, already has partnerships with major U.S. financial institutions in the “pipeline,” and will be announcing those deals later in the year.
